Commonwealth Consolidated Acts

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CORPORATIONS ACT 2001 - SECT 588FC

Insolvent transactions

                   A transaction of a company is an insolvent transaction of the company if, and only if, it is an unfair preference given by the company, or an uncommercial transaction of the company, and:

                     (a)  any of the following happens at a time when the company is insolvent:

                              (i)  the transaction is entered into; or

                             (ii)  an act is done, or an omission is made, for the purpose of giving effect to the transaction; or

                     (b)  the company becomes insolvent because of, or because of matters including:

                              (i)  entering into the transaction; or

                             (ii)  a person doing an act, or making an omission, for the purpose of giving effect to the transaction.



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